Courtney Agencies Ltd. provides a weekly industry news update to its clients.
Please click here to receive this update by email.
May 19, 2017
U.S. administration formally announces plans to renegotiate NAFTA
The United States Trade Representative officially notified U.S. Congress on Thursday that President Trump intends to renegotiate the North American Free Trade Agreement (NAFTA). According to U.S. law the negotiations can only begin 90 days after the Administration notifies Congress, which means no earlier than August 16, 2017.
In a news release the American Government says "the United States seeks to support higher-paying jobs in the United States and to grow the U.S. economy by improving U.S. opportunities to trade with Canada and Mexico."
In a statement following the announcement by Washington, Canada's Minister of Foreign Affairs, Chrystia Freeland noted that this three-month notice period has long been anticipated and is specifically a part of the U.S. domestic process.
"We are at an important juncture that offers us an opportunity to determine how we can best align NAFTA to new realities and integrate progressive, free and fair approaches to trade and investment," said Minister Freeland. "We are steadfastly committed to free trade in the North American region and to ensuring that the benefits of trade are enjoyed by all Canadians."
|Copyright 2006. All Rights Reserved.|